TD Bank Group (NYSE:TD) will see a leadership change next year. CEO Ed Clark has announced his retirement, effective Nov. 1, 2014. He will be replaced by Bharat Masrani, currently group head for U.S. personal and commercial banking and president and CEO of the group's namesake bank. Prior to his accession to CEO, Masrani will take the post of chief operating officer for the group starting on July 1 of this year.

Clark, who upon departure will have served 12 years as CEO, is also a board member at the company. He will continue to serve in this capacity until the firm's 2015 annual meeting.

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